31 May 2018 10:48
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
31 May 2018
PROVIDENT FINANCIAL PLC
final results of tender offer in relation to its
£250,000,000 8.00 per cent. Guaranteed Bonds due 2019
Further to its announcement on 22 May 2018, Provident Financial plc (the "Company") hereby announces the final results of the invitation to Holders of its £250,000,000 8.00 per cent. Guaranteed Bonds due 2019 (ISIN: XS0459028626) unconditionally and irrevocably guaranteed by each of Provident Financial Management Services Limited, Provident Personal Credit Limited, Greenwood Personal Credit Limited, Provident Investments plc, Duncton Group Limited, Moneybarn Group Limited and Moneybarn No.1 Limited (the "Bonds") to tender such Bonds for purchase by the Company for cash (the "Offer"). The Offer was made on the terms and subject to the conditions, including the New Financing Condition, contained in the tender offer memorandum dated 22 May 2018 (the "Tender Offer Memorandum") prepared by the Company.
The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 30 May 2018.
As at the Expiration Deadline, £222,525,000 in aggregate principal amount of Notes had been validly tendered pursuant to the Offer.
The Company hereby announces that, subject to the satisfaction of the New Financing Condition, it has decided to accept for purchase an aggregate principal amount of Bonds amounting to £222,525,000.
Description of the Bonds |
ISIN/ Common Code |
Outstanding Principal Amount | Purchase Price |
Outstanding Principal Amount after Settlement Date |
£250,000,000 8.00 per cent. Notes due 2019 |
XS0459028626/ 045902862 |
£250,000,000 |
108 per cent. |
£27,475,000 |
Subject to the satisfaction of the New Financing Condition, the Purchase Price, together with the Accrued Interest, will be paid to Holders whose Bonds have been accepted for purchase by the Issuer. The Settlement Date of the Offer is expected to occur on Monday 4 June 2018.
The Dealer Managers
Banco Santander, S.A. Gran Vía de Hortaleza 3 Edificio Pedreña 28033 Madrid Telephone: +44 207 756 6909 Attention: Liability Management Email: tommaso.grospietro@santandergcb.com/king.cheung@santandergcb.com | Barclays Bank PLC 5 The North Colonnade Canary Wharf London E14 4BB Telephone: +44 203 134 8515 Attention: Liability Management Group Email: eu.lm@barclays.com |
Lloyds Bank plc 10 Gresham Street London EC2V 7AE Telephone: +44 207158 1719/1726 Attention: Liability Management Email: liability.management@lloydsbanking.com | NatWest Markets Plc 250 Bishopsgate London EC2M 4AA Telephone: +44 207 678 5222 Attention: Liability Management Email: liabilitymanagement@natwestmarkets.com |
The Tender Agent
Lucid Issuer Services LimitedTankerton Works12 Argyle WalkLondon WC1H 8HA
Telephone: +44 20 7704 0880Attention: Thomas ChoquetEmail: PFG@lucid-is.com
This announcement is released by Provident Financial plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Offer described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Andrew Fisher at Provident Financial plc.
DISCLAIMER
The offer period for the Offer has now expired. No further tenders of any Notes may be made pursuant to the Offer. This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully. If any Noteholder is in any doubt as to the contents of this announcement and/or the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. The Dealer Managers and the Tender Agent do not accept any responsibility for the accuracy or completeness of the information contained in this announcement or the Tender Offer Memorandum including (without limitation) information concerning the Company or its subsidiaries and affiliates or for any failure by the Company to disclose events that may have occurred and may affect the significance or accuracy of such information.
Nothing in this announcement and the Tender Offer Memorandum or the electronic transmission thereof constitutes an offer to sell or the solicitation of an offer to buy the New Notes in the United States or any other jurisdiction. No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities. No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities.